BOSTON — Catastrophe modeling firm AIR Worldwide estimates that insured losses from Hurricane Isaac to onshore properties in the U.S. will be between $700-$2 billion.

AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties).

AIR said does not expect significant physical damage to offshore oilrigs and gas platforms either from wind or waves. Furthermore, as a result of the Gulf hurricanes of 2005 (Katrina, Rita and Wilma), Hurricane Gustav in 2008 and the Deepwater Horizon disaster of 2010, business interruption is a much rarer coverage than in years past. Therefore, AIR does not expect significant insured losses to offshore assets in the Gulf of Mexico as a result of Isaac.